Butte semi-weekly miner. [volume] (Butte, Mont.) 1886-1890, 1887-06-18
Tho Chicago Clique Cornered on the
Cereal Market. and Suffer.
ing TherefrOm.
They Lay a Trap for the Unwary
California Crowd and Get
Caught In 1t.
The Unprecedented Drop Of Twenty
Cents on the Bushel Recorded
in the Market Yes.
terday.
A Wheat Panic.

| wheat Pan1c.
rHrcsao. June decentralization and
s,ancial disaster overlook the great whea
,roue to-day. The much vaunted combin,
+ mashed. The wheat pit was in a pani,
a, hour. June option dropped from
ooy to 7o3,, the most sensational scene ir
tbis market in its history; 100000
t,shels Of grain collected here and
pold NV MYSTERIOUS combination Of which
nohodv ne k1 ew any thing to a certainty, will
n"v he sold out under the hammer" I"
Worr;cs ny Rosenfelt & Co., one of the most
nrom;ueut OF the clique brokerage houses
have
ANNOUNCED THEIR SUSPENSION.
Tho ,osses on the decline by this concern
ill nrobably amount to $4OO.OOO. The
,ouonse is worse than the failure of Peter
McGooch, and will entail worse losses. The
srst iotina.ion of the trouble in the wheat
deal appeared the day before yesterday,
xhen the July peg at S5h was broken
through. That let July down SO far that
marpins' price for June, which was kept at
Wx was inevita BILE. Joe Biltshire, of Gin
mnsti WAS here Saturday, Sunday and
ypsterday. He repeated an interview to
nave been held between these two Cncin-
natians and their Chicago brokers'. At one
interview at Riehelieu last night, kershaw
loft apparently 40 troubled in spirit that
those who saw his face felt that
PANIC WAS INEVITABLE.
tits sad that Leapold Bloom, scalper,
who learned OF the sensational character
dtbat interview sold wheat on strength of
il and made $685. 900 on the decline this
morning. There have been a few who
claimed that this wheat corner was
manipulated by the malodorous Harper,
who repudiated his losses made in eighty.
one transactions. However because it was
40 enormous and his undert aking so vast
that at last the report that this deal was
hacked hy the Standard Oil crowd, by H.
NJ Flager. and others who had the backing
Of Rockefeller began to be believed. The
claim that it was
REALLY HARPER,
Of the Fidelity Bank OF Cincinnati, is now
supposed to be true. Immediately Secre-
ta1y Stone had announced the suspension
Of Rosenfeld Co., this firm, as well as
those other commission houses, sup
posed to be acting for the clique, were
crowded with anxious brokers, all desiring
TO know what the situation was, and
whether other clique houses would be
forced to suspend also. Rosenfeld could
not be seen, and his manager, Frank John
son, said he could make no statement as
yet. beyond that they had suspended.
Our suspension said johnson, ''is due
simply to the reason that our Cincinnati
clients have failed to keep all their verbal
and written promises in regard to
PUTTING UP MARGINS.
We we're assured by them last night that
themoney would be Forthcoming this morn
forenoon we have received kilograms from
Cincinnati announcing that money for our
margins would be placed at our credit
here Up to noon, however, nothing had
been received from them, and to prevent
more serious losses we took the steps we
did. The greatest excitement prevails
among Board of Trade houses, but up to
pm. no further failures have been an
nounced. Rosenfeld is one Of Michael |
Reese's heirs. 1t has just been announced |
that the commission firms of Hammill & |
Bride and E. w. Berry have suspended. |
The evening papers say sixteen million |
bushels Of grain is collected and held by |
emysterous combination, which will not |
be solo" under the hammer" The losses OF |
Rosenfeld & Co. Oh the decline are esti-
mated at
HALF MILLION DOLLARS.
Kershaw & Co.. here recognized as the
Fading clique brokers, sent in communi-
cation to Secretary Stone, OF the Board of
Trade, that they would have plenty OF
money by tomorrow and requesting all
Inc houses to keep their trades with them
onen. The following is the $50 closing:
Wheat irregular; cash 74a: July 75A; Au-
.ast 76& Corn, easier; cash 36; July
.! 7-l6, August 3S. Oats steady; cash
aaa; July 251; August 248. Pork. cash
a. Lard steady; cash S6.55; July $3.50;
august S6.70E.
oUIETNG DOWN.
The excitement on the board of trade
quoted down somewhat this afternoon.
The session drew to close and no further
developments are looked for to-day.
THE CINCINNATI CROWD RETICENT.
CNcINNATI, June 14.-.J. w. Wiltshire, who
Aas been named as one of the Cincinnati
ehque connected with the Chicago wheat
oSai was asked to-day what he had to say
eUmheerning he tumble but most emphatic
any refused to say anything or admit
wat ne knew anything more than ANYBODY
ese about the matter.
THE SITUATION AT MILWAUKEE.
MILWAUKEE,, June 14.-The sudden drop |
u wheat at all the great grain centers
caused intense excitement on change TO- |
uay' Three failures are announced. viz: |
frank frank Watson, JAS. Wilde and Hill, Fletz-
lem lem Co., the latter being the Milwaukee
ruraneh rI Of {. J. Kersha & Co., of Chicago. |
..looker, Crittenden & Co. closed out their |
;Hades Their lure depends on the abil- |
yoi y OF IN" kershaw crowd to meet all their |
Obligations.
VERY GENERAL IMPRESSION
mat Cincinnati furnished large part OF
.De ch1ne which were charged with manag- |
.Hs the Chicago wheat deal, turned atten-
"on IN this direction to-day when the
''n'c In wheat in Chicago developed very |
S''' NluCIuDdll fne1n eTS VI tuC ShNuS 1
,'u.sh , from all attempts to locate them.
- w. Wiltshire, who has been publicly |
aat'' aaa4lra az one of the mysterious members
a''y ao declared, when asked for information
r., TO the cause OF the
shnuoe, that he knew nothing |
soIl a. op 1t. II he WIS so deeply interested
saHarsed he gave no sign. One OF the
did d;uans men OF the supposed clique said he
oil "nu ", he leve Cincinnati men were in it at |
Gaia. mat was made up OF operators in |
ma" m1rh'a and Cleveland. Whatever truth |
bers We there is no sign OF any suffering |
nt", outsiders who have some opportu.
can't. vi knowing say the clique was not
,hs. deeply in July wheat, and
mttIas ahe option had been practically |
condition of the Coffee Collapse.
49,. W." YORK, June 14.-The feeling in the |
~, ~ among the coffee brokers ia stronger |
do morning, Cables from Havre and Rio |
Har.s increase, the prices standing at
A,,: "e'hs two cents above those at Rio.
m ae havre cable dated at 30 a.
ksn.. ives The advances at two francs, which
''''a'ent to forty points in the New